New Jersey A881 requires the Economic Development Authority to offer lower interest rates and more flexible repayment terms for small business loans.

New Jersey A881 amends the state's small business loan program to provide more favorable terms for veteran-owned small businesses. The Economic Development Authority must offer these businesses lower interest rates and more flexible repayment terms. Additionally, the bill prohibits the Authority from charging fees for loans issued to veteran-owned small businesses. A veteran-owned small business is defined as one owned or controlled by one or more veterans. The interest rate for such businesses with service-connected disabilities is set at zero percent.

New Jersey A881 requires the Economic Development Authority to offer lower interest rates and more flexible repayment terms for small business loans.

New Jersey A881 amends the state's small business loan program to provide more favorable terms for veteran-owned small businesses. The Economic Development Authority must offer these businesses lower interest rates and more flexible repayment terms. Additionally, the bill prohibits the Authority from charging fees for loans issued to veteran-owned small businesses. A veteran-owned small business is defined as one owned or controlled by one or more veterans. The interest rate for such businesses with service-connected disabilities is set at zero percent.